The 9 Steps to Home Ownership - Your Butler County Ohio Realtor®

I cannot stress enough the importance of having a Realtor® act as your Buyer Agent and represent your best interests. The Listing Agent has a relationship with the Seller; at best you will have someone prepare the documents but as a "Dual Agent," they cannot advise. A "Dual Agent" is simply a "go-between." Sometimes, if the "Dual Agent" is honest, ethical and responsible, it can be a workable situation, but not one that I recommend for all Buyers and Sellers.

I'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.

At this time, I will also recommend that you obtain a mortgage loan pre-approval letter from a reputable lending institution. Some Buyers start the process by obtaining a "pre-qualification letter." Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. In this market, with so many underwriting conditions changing on a daily basis, a "pre-qualification" letter is not taken very seriously by many sellers and their real estate professionals.

A good lender will help you come up with a monthly payment and purchase price that fits into your personal budget. No one wants to overextend themselves and become "house poor." In addition, the fact that you are pre-approved for a mortgage loan will help us when we are negotiating the deal. Most Sellers are more willing to negotiate with a buyer who is prepared to buy and appreciate and often insist upon receiving a mortgage pre-approval letter with the offer, or as soon as 7 business days after contract acceptance (subject to Seller receiving the pre-approval letter). 

As we tour houses, I'll point out positive features and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.

As we tour houses, I'll let you know when the asking price has negotiating room and when the house is "priced to sell." My unique market knowledge will keep you a step ahead of the "house hunting competition."

In a "seller's market," it is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

The offer is normally presented with "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs (see What'sEarnestMoney for more detailed information). If the seller accepts the offer, generally closing is anywhere from 14 to 30 days from the offer date (generally dependent on the turn around time of your mortgage financing and the desirable time table of the buyer and the seller).

Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.